Forum Help

If you want to ask about changing your username, have login problems, have password problems or a technical issue please email forumteam@moneysavingexpert.com

Posting help:

If you want to ask why a word can't be typed, your signature's been changed, or a post has been deleted see the Forum Rules. If you don't find the answer you can ask forumteam@moneysavingexpert.com though due to volumes we can't guarantee replies.

I see a lot of peoples first posts saying things like
"I'm in debt, dont know what to do, its all spiralling out of control"
and things to that effect...I would just like to say that the fact that you've come to this site shows that you want to sort it out, so really well done on that first step

I try to be a positive person, so instead of writing all the problems down, I'm gathering the solutions!

My Story:
Im not as deep in debt as much as a lot of the people on here, but i can see where its going to go if i carry on, so i decided to take a stand. i attempted to a year or so back, but situations changed etc.

My main issue at the moment is that im 'on the line' as my mate describes it. i think i have just enough to cover my costs each month. tomorrow/saturday im going to spend time using the great looking budget planner downloaded from this site, but a basic overview is thus:

£1300 Nationwide Credit Card (19.9% I think)
£7000 Personal Loan (Was a loan for my car and cleared my Egg Card) Dont know the percentages fot that one
and Im currently at the limit of my £1700 Overdraft.

So £10,000, which is just over half my annual salary (before deductions and stuff)

I keep spilling over, as the direct debits and payments i have come out at the end of the month, but i get paid on the last working day of the month, so inevitbly i miss them, and have to pay them off a week later, and incur a charge. because ive paid off those bills, them money isnt there at the end of the new month, and so the chain goes on. I'm like.. one set of bills behind.

So.. my plan is to half my rent and bills. my flat contract is up next month.. or the month after.. either way, im going to get a house with a workmate closer to work.
SO in one foul swoop, thats the rent made cheaper, the bills halved (practically), and petrol reduced due to nearer work, and on those REALLY cold days, the car share. Paired with sharing the cooking/food bill, i reckon thats a great plan!

Im also plotting to start selling my furniture from this place, as A) would be nice to have a bit saved up and B) less stuff to haul down 2 flights of stairs come moving day!

Once all thats been sorted, and my bill payment routine is back on track, my next plan is to work out my monthly bills, and put that amount (plus a few 'buffer' quid ) into a seperate account so the moneys not dribbling out of my daily use account throughout the month!

I can get a bit more detailed after i do the budget page, but i reckon....

The first thing you can do today is move your direct debits to the first of the month. That can be done instantly and shouldn't be difficult. That way once everything's gone out you know what you're left with and it means you won't miss any payments. Missing or being late with payments will get you into trouble with your bank and affect your credit file.

Great idea to move in with your mate, but if you sell some furniture,don't save the money - put it on your debts. You're paying interest on your debts, you won't get the same level of interest by having savings in the bank so it's counterproductive.

Sounds like it might be a good idea to get that seperate bank account set up straight away - then if by any chance your bank decided to recall your overdraft you'll have a 'parachute' account ready to go.

As tlc suggests you should be able to move most dds by a few days to make sure you are paid before they go out. Speak to your providers about this - much better than incurring charges.

I'd also advise getting copies of your credit report if you haven't already (you can sign up for a free trial -but remember to cancel before the charge kicks in or can order the postal one for £2).

Once you have done that and seen what it says you might want to try to get a 0% credit card to transfer you nationwide balance to (if you apply and are turned down don't keep applying to other lenders though as this also effects your credit score).

Good luck

A smile enriches those who receive without making poorer those who give

I got a HSBC account already that i opened during my student days, which is dormant.. gonna start to use that.
The furniture money, im gonna use as emergency cash, as its always nice to have something put by for those nasty surprises.
a 0% cred card sounds like a wise step, but yeah, i should defintly get my cretit report 1st!

Ooh i've reduced some leisure money aswell! I got kayaking twice a week, based in a swimming pool at the moment, ive been signed up as an 'experienced volouteer' and can go for free one i help caoch! simples! thats a fiver a week and i dont have to change anything!

I run 2 current accounts and have all of my bills paid out of one into which I have transferred (via SO from other acct that salary is paid into) enough money to cover them plus a bit (I rounded up all the figures to the next £5 or £10 - so say gas £31, I'd put in £35, Elec £46 I'd put in £50). Every 2 or 3 months I'd have a built up a few extra sqiuds that I could then transfer to my ISA for use on annual bills or pay a bit extra off a debt.

It works for me, I know all my bills will be paid and what's left in my salary account is what I use to get me through the month.

Well done Esqulax - you are beginning to get the bull by the horns!!! Why car sharing ONLY during cold weather? Go for it all the time - not only will it save money, you will also be doing something to help our ecology!!! Listen to Poosmate's very solid advice as well.

I hope you managed to get that little 'rainy day money' set aside but don't ruin it because Christmas has arrived! Keep up the good work!

How this site works

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.

We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips).

We often link to other websites, but we can't be responsible for their content.

Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code.